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2020 (4) TMI 662 - AT - Income TaxRevision u/s 263 - depreciation on the opening written down value ('WDV') of the block of assets leased out under finance lease arrangement, pursuant to allowance of depreciation on the same block of assets for prior years - HELD THAT:- It is noted by the AO that on account of substantial part of the lease transactions conducted by the assessee being claimed as finance lease on which the lessee is claiming depreciation under the Companies Act instead of lessor claiming the depreciation. This fact was very much in the order of assessment that the assessee is claiming depreciation on assets leased out by it under finance lease and after making enquiry, the said depreciation was allowed by the AO in the Assessment Order and hence, the issue involved in the present year is squarely covered by the Tribunal order in assessee’s own case for earlier Assessment Year i.e. 2008-09 in which it was held by the Tribunal that the Assessment Order passed by the AO is neither erroneous nor prejudicial to the interest of the Revenue as the finance lease transaction has been thoroughly examined by the AO in the light of evidence filed by the assessee. Revenue could not point out any difference in the facts in that year and in the present year therefore,in the present year also, the Assessment Order is neither erroneous nor prejudicial to the interest of the Revenue and hence, learned PCIT had no jurisdiction to revise the said Assessment Order under section 263 - Decided against revenue
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